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Congress has a busy week ahead. Senate Republicans narrowly passed their tax bill over the weekend, and now must reconcile it with the House version before they can send it to President Trump’s desk. Meanwhile, a possible government shutdown is looming. Trump, along with Republican lawmakers, is set to meet with Democrats on Thursday to figure out a spending deal. The last meeting didn’t turn out quite as planned.—Katie Robertson
BlackRock and Vanguard are dominating the future of investing. The two largest money managers are less than a decade away from managing a total of $20 trillion, a number exceeding current U.S. GDP, according to Bloomberg News calculations. Amassing that sum would likely upend the asset management industry and intensify their ownership of the largest U.S. companies.
The corporate winners and losers in the U.S. tax bill. The bill passed by the Senate may boost profits for industries from banking to retail to fossil fuels, while putting the squeeze on hospitals and renewable energy firms. While the plan is still subject to revision, this is how sectors may fare under the legislation as it stands.
Elon Musk isn’t joking about sending a Tesla to Mars. The billionaire plans to put a cherry-red sports car into an enormous rocket ship made by SpaceX, another company that he runs, and fire both into orbit in January. He announced on Twitter that the Tesla Roadster, as it hurtles into space, would play David Bowie’s Space Oddity on repeat.
Brexit breakthrough fails. U.K. Prime Minister Theresa May and European Commission President Jean-Claude Juncker were unable to reach a long-sought agreement on Brexit after a series of dramatic twists that saw the tentative deal getting derailed by the delicate question of the Irish border.
America crowns a new pollution king. For the first time in 40 years, power plants are no longer the biggest source of U.S. greenhouse gas pollution. That dubious distinction now belongs to the transport sector: cars, tracks, planes, trains and boats. The big change didn’t come from increasing transportation emissions, but instead from the cleanup of America’s electric grid.
SoulCycle is betting on high fashion to get you spinning. The fancy exercise chain joined up with streetwear brand Public School for a line of high-end workout clothing (think $185 leggings). Since gyms have fully evolved into social experiences rather than obligatory solo destinations, fashion has become central to working out—and SoulCycle’s obsessed riders could be valuable customers for brands.
There is world-class food at Disney World, if you know where to find it. Orlando has moved way beyond Mickey Mouse pancakes. Laurie Woolever writes that she discovered “first-rate homey Italian fare and an artisanal cocktail spot with thoughtful Southern dishes”, as well as a destination sushi counter. Here’s what you need to know to find the best new food around the Magic Kingdom.
©2017 Bloomberg L.P.
With assistance from Editorial Board